Exxon Mobil wasn’t the only oil producer that fell. Chevron Corp. closed 7.5 percent lower, BP was down 6.7 percent, ConocoPhillips 8.6 percent, and Petroleo Brasileiro 10 percent.
(Jessica Rinaldi/Reuters/File 2008)
MARKET MOVERS
Exxon falls most in more than 2 years
Exxon Mobil wasn’t the only oil producer that fell. Chevron Corp. closed 7.5 percent lower, BP was down 6.7 percent, ConocoPhillips 8.6 percent, and Petroleo Brasileiro 10 percent.
(Jessica Rinaldi/Reuters/File 2008)
Exxon Mobil Corp. and other energy companies fell the most in more than two years on concern the cut in the US debt rating signals lower crude oil prices. Exxon’s 6.2 percent fall wiped out its 2011 gain. The lower US credit rating won’t hurt Exxon’s AAA rating, Standard & Poor’s said, citing the company’s global, diverse business lines and financial strength. Oil prices sank to the lowest level of the year.
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